Norfund grants US$30 million convertible loan to SeABank
Summary
The loan can be converted into common shares of SeABank within 4-year term, aiming at providing additional capital to support retail banking customers, small and medium enterprises (SMEs) and micro-enterprises in Vietnam.Norfund is an investment fund owned and funded by Norwegian Government that works to create jobs and improve lives by investing in businesses in developing countries that drive sustainable development. The Bank also has additional capital for retail lending, considering the increasing financial needs of this group.Previously, SeABank has continuously received foreign investments totaling nearly US$600 million from prestigious institutions like IFC, DFC, etc. These aim to accelerate the Banks sustainable development strategies focusing on: SMEs financial access improvements, ESG practices application, and climate change mitigation. Besides, SeABank prioritizes disbursements for green credit and climate change mitigation projects as well as green mortgages for individual customers buying houses with green-building certificates, thereby posing positive impacts on the socio-economy and environment.Norfunds investment has demonstrated the increasing trust, affirming SeABanks reputation, operational efficiency, and capital utilization efficiency. This also helps SeABanks corporate customers improve capacity and promote key business areas effectively.